I like living in Brooklyn. I like my job in Brooklyn. I like being so close to everything and that most places are still open at 10 or 11 at night. I like that there are parks nearby and that we’re a 30 minute subway ride away from Manhattan. I like that it’s busy and city-esque here but not as touristy and annoyingly crowded as Manhattan.
BUT Brooklyn is flipping expensive!
According to a recent Bloomberg report, Brooklyn is the least affordable city in America to buy a place to live (followed by San Francisco and Manhattan at #2 and #3). Like, what????
The article also mentions that 70% of Brooklyn residents rent and that the median rent is over $2800. No wonder people are being priced out of Brooklyn into other boroughs (or homelessness!)…
I mean, that median number makes me feel a bit better because we pay about half of that for our 2 bedroom at the moment. Our lease is up soon (so the featured image is almost a year old!), and therefore Tom and I have been discussing what we want to do next – do we renew our lease for another year or do we want to look at moving elsewhere? We are ready to stop putting that money into rent every month, knowing that we’re not getting any of it back when we decide to leave. So obviously, a house or condo would be the next step.
But it’s practically impossible to find decent places within a decent price range without maxing out our entire bank account and signing the next 10 years of our income away to a mortgage. Going back to that Bloomberg article, the median price to buy a place is $615,000. Who can afford that? Not a couple of mid-20’s newlyweds (one with a student loan from Columbia, might I add), that’s for sure!
Plus, neither one of us wants to live in the city for the rest of our lives. When the time comes, I really don’t want to raise a child in the city. And we both agree that we really don’t want to spend such a large amount of money on a condo that’s not much bigger than our current apartment. We want space to grow into, we want a yard, and anything close to what we want in the city would be a couple million dollars. For real. It’s disgusting.
We’ve been searching Zillow for about 2 months now, seeing what’s out there and how much we would need in order to buy something. The low end of what we’ve found has been around $300,000 for 1 bedroom, 1 bathroom condos with no decent amenities (elevator, dishwasher, on-site washer/dryer, etc.).
The criteria that we have settled on is 2 bedroom, 1 bathroom, and preferably all the mentioned amenities, plus close proximity to the subway, and in a good neighborhood. Oh, and they need to be okay with pets because MAMA WANTS A CAT AND/OR DOG!!! For all of this, we’re looking at around $650,000. Ouch.
So we’ve decided that we will continue to rent for another year and then see what happens. Whether that means moving towards the outskirts of Brooklyn, out of the city, or out of New York State altogether, we’re both on the same page in that we want to be smart with our money. We started a budget and are going to keep better track on how much we spend and where our money is going every month.
We definitely know we want to stay on the northeastern part of the country, thinking as far west as Illinois and as far south as the Carolinas. Anywhere will seem like a steal outside of NYC, so we’ll feel like millionaires! But, no matter when or where we move, we’ll be together, and that’s what matters. (Cheesy, yes. You may either ‘aww’ or gag now.)
So here’s to another year, Brooklyn. (Unless I lose my job or something else unfortunate happens, then that’s a whole other can of worms…). Ending on a positive note. *thumbs up*